The post French Regulator Investigates Polymarket After $3.5B Election Trading Volume appeared on BitcoinEthereumNews.com.

TLDR Polymarket faces potential ban in France following $3.5B in US election trading volume French trader “Theo” won $47M betting on Trump’s victory France’s ANJ investigating platform for unlicensed gambling concerns Platform hit record $463M open interest on Election Day Regulatory scrutiny increasing globally, including CFTC probe The cryptocurrency prediction platform Polymarket faces a potential ban in France following unprecedented betting activity during the 2024 US presidential election. The platform processed $3.5 billion in trading volume related to election outcomes, drawing attention from French regulators concerned about unlicensed gambling operations. France’s National Gaming Authority (ANJ) is actively investigating Polymarket’s operations and compliance with French gambling laws. The regulatory scrutiny intensified after a French trader, known as “Theo,” placed multimillion-dollar bets on Donald Trump’s victory, resulting in a $47 million payout when the former president secured his win. The platform experienced its highest-ever trading activity on November 5, processing over $294 million in volume as users placed bets on various election outcomes. Total open interest, representing the value of all active positions, reached a record $463 million on Election Day, marking a 40% increase from $329 million the previous week. Polymarket operates differently from traditional betting sites by utilizing blockchain technology, allowing users to place cryptocurrency bets without intermediaries. The platform’s structure enables participants to trade on event outcomes using digital currencies, making it accessible to a global audience. The French regulator’s potential response could include blocking domain names and restricting access to the platform within France. The ANJ may also pressure media outlets to stop linking to Polymarket, further limiting its reach in the French market. However, users might still access the service through VPNs since Polymarket only requires a crypto wallet rather than identity verification. The massive wagers placed on the platform sparked initial manipulation concerns before Theo revealed…

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Filed under: News - @ November 7, 2024 1:28 pm